In my book The Financial Navigator: Managing Your Success I made the following statement –
“It’s going to be interesting to see to what degree the American public will be willing to tolerate higher and higher tax rates. If wealthy Americans don’t feel there is a cost benefit to staying in the United States, they have choices.”
When I wrote those words I wasn’t thinking about state taxes but apparently Phil Mickelson was.
When you look at what’s been happening in the world with all the high profile defections from one country to another because of punitive tax rates, I think it’s only a matter of time before the US dam will break and Canada will become a sort of tax haven.
Who would have thought?
I wonder which Fortune 500 Company in the US is going to be the first to move? Only time will tell.